Derek Jeter pulled out of a luxury underwear deal because he didn’t want his skivvies marketed to the “gay community,” according to a report.

The Yankee legend is in a legal slugfest with the underwear brand Frigo, and the company now claims he balked on the agreement because the bawdy briefs were “too gay,” according to TMZ.

“[Jeter] demanded that [Frigo] not market to the gay community and states that he did not want the Frigo brand to be ‘too gay,’ ” TMZ said, quoting court papers filed Monday.

The Swedish line, owned by RevolutionWear, says the company lost $30 million when the former Yankee captain backed out of an arrangement to endorse Frigo and act as a company director.

Joe Tacopina, the company’s high-powered attorney, said that Jeter “defrauded RevolutionWear, blatantly breached the fiduciary duties he owed to it and utterly failed to perform his contract with the company.”

A source told The Post that the company is also prepared to sue Jeter for defamation.

Jeter’s alleged “gay” misfire was the latest salvo in the raging underwear war.

He claimed he was “disgusted by Mr. Ingvarsson’s decision to make these false allegations against me in the press, instead of attempting to work out our business dispute in private.”

“I facilitated the introductory meeting between 50 Cent and the company,” Jeter said in a statement. “So it makes absolutely no sense that I would object to 50 Cent being a Frigo brand ambassador or think that 50 Cent is ‘too urban’ for the brand.”

Jeter claims the company has threatened him to put more capital into the business.